TXNM Energy initiated with a Buy at Jefferies

Jefferies analyst Julien Dumoulin-Smith initiated coverage of TXNM Energy with a Buy rating and $50 price target TXNM is an electric utility operating in New Mexico and Texas, the analyst tells investors in a research note. The firm says that following the failed merger with Avangrid, it views the utility’s standalone infrastructure growth story as compelling relative to the stock’s valuation. The company’s 14% discount to peers on 2027 earnings is attractive, contends Jefferies.